For consumers who have purchased an insurance policy from Professional Construction Risks Limited (PCRL) we have important information.
If you are approached by PCRL or any representatives of PCRL about taking out or renewing an insurance product, you should decline to do business with the firm while our requirements remain in place. You should also report the matter to our consumer helpline, the details of which are included below.
Consumers who have purchased an insurance policy through PCRL are encouraged to contact their insurer directly to confirm the status of their insurance policy.
On 11 December 2020, we imposed various requirements on PCRL through a Supervisory Notice. PCRL was required immediately to cease carrying out regulated business, which includes arranging insurance contracts.
We issued a Second Supervisory Notice on 26 January 2021 in which we decided not to withdraw the requirements imposed on PCRL. PCRL remains under the same requirements which have been in place since 11 December 2020. We also issued a first alert on 11 December 2020 to advise consumers of the requirements imposed on PCRL. This second alert is to ensure that consumers are aware of these requirements.
The requirements imposed on PCRL can be found on the Financial Services Register: Professional Construction Risks Limited
Reason for requirements
We have serious concerns that PCRL appears to have made an application for a loan in the name of one of its consumers, without having authority to do so, and without making arrangements for the consumer to receive the benefit of loan funds. Since the consumer did not receive the benefit of the loan funds, it is inferred that PCRL benefitted from receipt of the loan funds and thus appears to have acted dishonestly.
For this reason we believe that without these requirements there is a risk that PCRL will continue to act in a dishonest manner, which could result in harm to consumers.
What does this mean for UK consumers’ insurance contracts?
Consumers who have purchased an insurance policy through PCRL are encouraged to contact their insurer directly to confirm the status of their insurance policy. Details of who this is can be found in the policy schedule which summarises the insurance policy.
Who should UK consumers contact?
Consumers who need to discuss their circumstances should contact their insurer in the first instance. In particular:
- consumers making a mid-term adjustment or who have a new or existing claim should contact their insurer
- consumers who are approaching their policy renewal can contact their insurer, or another broker
If you are a consumer of PCRL and have further questions, you should contact our Consumer Helpline on 0800 111 6768.
Firm details: Professional Construction Risks Ltd
Address: PCR House, Unit 2 Ebdon Bow, Ebdon Road, Weston-super-Mare, Avon, BS22 9NZ
Telephone: 01934 756 268
Director: David Cooke